Why is the Shiba Inu (SHIB) Price Down Today?

Sellers continue to dominate as they push SHIB to new local lows.

Key Support levels: $0.000014

Key Resistance levels: $0.000018

1. SHIB Makes New Lows

The selling pressure intensified, and buyers were unable to hold SHIB above $0.000018, which has now turned into a key resistance. This latest drop in the price created a lower low which re-confirms the downtrend. Buyers are absent and they may only return once SHIB hits the current support at $0.000014.

2. Indicators are Bearish

The past four weekly candles are in red, which shows that sellers have been dominating the chart. This is also reflected in the bearish momentum indicators. Moreover, the daily RSI is oversold at under 25 points, a level not seen since the 2023 bear market.

3. Bearish Momentum Intensifies

The weekly MACD clearly signals that sell-pressure is mounting. The histogram is making lower lows, and the moving averages are in free fall. There are no signs of a possible reversal, and this bearish momentum could continue for some time.